These Top 3 Drivers Ensure Project Success According To PMI

In today’s world when an average of 9.9% of every project dollar is lost to lousy performance, it’s time for project professionals to achieve higher results by learning to adapt, adjust and innovate.

However, before you become a champion performer, you’ve got to understand what truly drives a project to success.

Top 3 Drivers For Project Success

A champion organization is built around the idea that through the right projects, programs, and management styles a competitive edge can be achieve. In order to save money, eliminate wasted funds, and enhance project success rates, the following three drivers must be embraced.

When an average of 33% of projects experience scope creep, and 41% of projects are deemed “highly complex,” project managers need to say NO and recognize the importance of controlling scope throughout the entire project.

#3. Establish Mature Value Delivery Capabilities

When a company starts to get better and matures at project delivery, then they can start to establish an environment of continuous improvement that adapts to changing market conditions.

Unfortunately, PMI reports that today fewer than 1 in 10 organizations report a high level of maturity within their value delivery capabilities.

Additionally, only 31 percent of organizations have effectively prioritized the development of mature value delivery capabilities. If you fail to establish mature value delivery capabilities, then the following benefits won’t be achieved:

There are a few key report takeaways that project managers would do well to heed in the upcoming year.

A spectrum of approaches ranging from predictive to hybrid must be adopted if a higher success rate is to be achieved. In other words, a project can only be successful if the right approach (predictive, hybrid, incremental, agile, IPD, Lean, etc.) is adopted. This means that organizations need to be flexible in their project management approach, so that goals can be met within budget and on time.

Project management professionals must broaden their skills. Estimates show that by 2027 employers will need an estimated 87.7 million people working within the project management role. However, as the demand for experienced project managers continues to increase, so too will the required skill set expand to strategic advisor, innovator, communicator, adaptable “Big Thinker,” and versatile approaches including Scrum, agile, waterfall, and lean.

Project professionals must learn to take advantage of a disruption. As business environments continue to rapidly change, so too will project professionals need to develop dynamic responses to these changes. Whether it is responding to the current digital transformation, keeping up with emerging technologies, or developing new leadership skills, project managers will need to become as versatile as they are skilled.The expanding project management role will cause organizations to place managers both strategic and high-profile roles that rely on immediate, effective, and advantageous responses to disruptions.

Effective Project Management Leads To A Dramatic Impact On The Bottom Line

About Michael Lepage

Michael is an avid project controls blogger and is the Chief Learning Officer here at Plan Academy. Michael has taught 1000s professionals how to use project controls software like Primavera P6 over the past 10 years through his online courses and tutorials. Michael is a member of AACE, the Guild of Project Controls and holds his PMP certification from PMI.